Lunchtime Links: More admin jobs coming, courtesy of the FSA
When Lehman Brothers' UK business went into administration, one of the biggest issues was tracking down precisely what had happened to the $40bn of assets hedge funds had left with Lehman's UK prime brokerage arm.
Under a process known as rehypothecation, many of these assets had been used as collateral for loans taken out by Lehman - $22bn of them had disappeared and were difficult to trace. Even by July last year, only $12.5bn had been returned.
According to the IMF rehypothecation fell substantially in the wake of Lehman's collapse.
However, this hasn't stopped the FSA from acting to ensure something similar never happens again.
Today, the regulator published a consultation paper stating its plans to 'require daily reporting on client money and asset holding to all prime brokerage clients.' It also suggests that hedge funds should identify a 'senior individual' responsible for the oversight and protection of client money. The implementation of the proposals would clearly lead to admin-style jobs to supplement those already created by international hedge fund regulations. They may not be exciting, but they will be new positions.
UBS is generating loads of revenue in fixed income! (Bloomberg)
Pall Mall Capital, hiring in France and Germany. (Financial News)
Jefferies has hired a senior analyst from JPMorgan. (PowerMoves)
With trading in Citi accounting for 25% of the volume on the NYSE, there's only one game in town for stock traders. (FelixSalmon)
Big UK banks face a major refinancing challenge, says Fitch. (NY Times)
Hedge fund manager who left London for Holland changes his mind and comes back again. (Financial News)
No reply to your resume? Here's why. (CNN)
Create a winning finance resume. (Wall Street Journal)
The Story Of The BNP Analyst Who Used A Research Piece As An Excuse To Take A Vacation. (Clusterstock)
Women from countries with healthy populations like their men to look like girls. (Wall Street Journal)
Patricia Cohen usually dated writers, ended up with a hedge fund manager. (NY Mag)
